A Citi credit sales MD left and now he has reappeared at RBC

9 June 2026

3 minute read

Last time we wrote about RBC's European credit trading business, it was losing people. Now it is hiring them. From Citi.

Robert Thorne, a managing director in Citi's London investment grade team has reappeared at RBC. Thorne left Citi after 10 years in March 2026 according to the FCA Register. He was head of UK investment grade credit sales for the bank.

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It's not clear what Thorne will be doing at RBC. Neither he nor the bank commented for this article. There have been suggestions that Thorne might have become the European head of credit sales at RBC, but RBC already has a head of European credit sales in the form of Simon Johnson, who joined three years ago from Credit Suisse and Johnson is not understood to be moving. Instead it is thought that Thorne will be a senior salesperson reporting to Johnson.

Thorne is not RBC's only credit hire. The Canadian bank has also added Jackson Graham, a credit default swap (CDS) trader who formerly ran Morgan Stanley's diminutive CDS business out of London. Graham spent 20 months at Squarepoint in London before joining RBC in New York according to his LinkedIn profile.

James Chapman, RBC's global head of investment grade credit trading, left last October. Investment grade credit trading at RBC in Europe is run by Francesca Lynch. Michael Mulholland, head of leveraged credit sales for RBC Europe, left in May and is now at BNP Paribas according to the FCA register.

One former colleague of Graham's suggested RBC may be an awkward seat as its risk appetite is less than at US banks. "He is very sharp and is used to the risk appetite of the Americans," he said. "It's not like that at RBC."

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